Joe Leon | Money on Instagram: "Don’t throw away your torn note! Do this instead 🤯 About: In India, torn or mutilated notes can be exchanged at banks under RBI’s note refund rules. If more than 80 percent of the note is intact, banks provide full value. If 40 to 80 percent remains, only half the value is given. Notes with less than 40 percent are not replaced. All commercial banks exchange slightly damaged notes, but for severely mutilated ones, RBI offices handle the process. No fees apply for